半导体 2026 年 02 月 08 日 行 业 研 究 半导体 布局节后科技行情 ——大科技海外周报第 5 期 科技多板块持续回调，关注板块内超跌个股。 行 业 定 期 报 告 过去两周科技多板块持续回调，26/01/28-26/02/06 期间，半导体（申 万）下跌 9.30%，万得 AI 眼镜主题指数下跌 8.51%、国证算力下跌 8.48%、卫星通信下跌 8.23%、机器人指数下跌 4.82%，同期，上证指 数下跌 1.80%，科技行业多板块回调幅度显著，我们认为短期板块的 回调更多是资金和情绪驱动，各成长方向产业趋势明确，中长期具有 坚实的基本面趋势支撑，建议关注板块内超跌个股的机会。 布局节后科技行情。 1）Agent 带动 CPU 需求：近期国产 Agent 在春节前已开启"红 包大战"，Agent APP 下载量迎来显著增长，我们预计 Agent 的投流推 广将带来增量的 CPU 和 GPU 需求，据我们前期观点，在 Agent 快速 发展的 AI 时代，系统设计需从以 GPU 为中心转向 CPU-GPU 协同。 预计在 Agent 持续发展的过程中，CPU 需求有望被拉动，建议关注国 产 C ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中信建投证券研究 重点关注板块包括：半导体、AI、化工、电力设备（储能、特高压、光伏、固态电池等）、机械等。 外部冲击加剧，需要担忧吗？ 文|夏凡捷 何盛 近期A股春季行情呈现阶段性调整，核心是内因主导、外因催化。内因为主动降温、宽基ETF遭遇抛售 潮；外因包括特朗普政治行为、美联储主席换届、伊朗地缘冲突、Anthropic新工具引发全球科网股下 跌等多重扰动。当前外部扰动未对中国产业基本面形成实质性冲击且集中降温操作已结束，市场情绪充 分释放，调整较为到位，春节后春季行情有望延续，建议持股过节。后续行业配置来看，景气端重点关 注 AI 算力、化工、电力设备与储能；主题可依托地方两会政策信号，前瞻布局全国两会潜在催化板 块。 近期全球指数震荡分化、A股行业轮动加快、大类资产波动加剧，春季行情迎来阶段性调整，本次调整 是内因主导与外因催化共同作用的结果，内因层面，部分主题板块出现炒作泡沫，监管进行"逆周期调 节"，宽基ETF遭遇抛售潮；外因层面，特朗普相关政治行为、美联储主席换届引发的政策预期摇摆、 伊朗局势升温带来的地缘政治担忧， ...

Core Viewpoint - Intel is increasing its investment in AI accelerators, targeting the vast data center market, while facing significant challenges from competitors like NVIDIA and AMD [1] Group 1: Market Position - Intel remains the leader in the CPU market despite ongoing challenges from AMD and Arm, leveraging its proprietary 18A process to enhance CPU sales this year [1] - The company has developed several generations of AI chip products over the years, but its market presence is currently overshadowed by NVIDIA and AMD [1] Group 2: AI Chip Strategy - To regain its standing in the AI chip market, Intel must decide whether to utilize its own manufacturing processes or rely on external foundries like TSMC, as NVIDIA and AMD primarily use TSMC for their chips [1] - Intel needs to evaluate whether its AI chip products can compete effectively with those of its rivals if produced using its own processes [1] Group 3: Ecosystem Development - NVIDIA has established a robust AI chip ecosystem that extends to surrounding components, indicating that Intel must actively engage supply chain partners to build a more comprehensive ecosystem for its AI chips [1]

Back to Market on Close. I'm Marley Caden alongside Sam Bodis in New York. We are seeing shares of ARM Holdings extending its post earning gains with the stock up about 17% on the week.The company topped estimates on the top and bottom line saw royalty revenue jump 27% and license and other revenue increased 25% yearover-year. I want to bring Sam back into the conversation and welcome our guest. Joining us today, the EVP and CFO of ARM Holding, Jason Child.Jason, thank you for taking the time on an exciting ...

Core Viewpoint - ARM's data center business is expected to grow significantly in the next 2 to 3 years, potentially matching or exceeding the smartphone business, which currently accounts for 40% to 45% of total revenue [1][8]. Group 1: Financial Performance and Guidance - Data center revenue growth is currently outpacing other business segments, with its share expected to rise from over 15% towards 20% [1][8]. - The company has raised its fiscal year 2026 revenue guidance from an initial "at least 20%" to a midpoint of 22%, exceeding previous expectations [1][12]. - For fiscal year 2027, while no formal guidance is provided, maintaining a 20% growth rate is deemed reasonable [1][12]. Group 2: Research and Development - R&D spending is increasing at a rate higher than revenue growth, with expectations of a slowdown in R&D expenditure growth after Q1 of the following year [1][14]. - The company anticipates that the growth rate of R&D spending will stabilize, moving towards a more moderate pace [1][14]. Group 3: Market Dynamics and AI Integration - ARM views the recent volatility in the software sector as typical during major technological shifts, emphasizing that AI will not replace chips but rather coexist with them [2][15]. - The deep integration of AI within enterprises is still in its early stages, with ARM itself not fully transformed yet [2][15]. - The demand for computing power remains substantial, and ARM is focused on long-term opportunities in this evolving landscape [2][15]. Group 4: CPU Role in Data Centers - The shift in data centers is moving from training to inference workloads, with CPUs becoming increasingly important due to their efficiency and low latency [3][10]. - The trend of increasing CPU core counts is expected to continue as AI workloads evolve, benefiting ARM's positioning in the market [3][10]. Group 5: Royalty Revenue and Market Impact - Despite anticipated declines in smartphone shipments, ARM expects minimal impact on royalty revenue due to a focus on high-end markets and the transition to newer architectures [4][5]. - The company estimates that even with a 20% drop in smartphone sales, the impact on royalty revenue would only be around 2% to 4% [5][9]. - ARM's royalty income is projected to remain robust, supported by growth in cloud AI and infrastructure business, which offsets potential risks from the mobile sector [4][5]. Group 6: Future Outlook and Strategic Initiatives - The CSS (Compute Subsystems) business is showing significant growth, with expectations that its contribution to royalty revenue will rise from around 15% to over 50% in the next 2 to 3 years [10][11]. - ARM is actively involved in developing new products and services, with future updates on fiscal year 2028 expected as plans are finalized [12][12].

4001只私募产品1月净值创新高 私募排排网数据显示，1441家私募旗下共计4001只私募产品的净值在今年1月创下历史新高。经统计， 至少有3只产品有近3年业绩展示（成立满3年）且符合排名规则的私募有139家，其中百亿私募仅14家， 股票策略私募占8家，收益均值排名前五的私募依次为天演资本、复胜资产、诚奇私募、幻方量化、明 汯投资。（私募排排网） 专家称普通投资者不适合配置白银 建议普通投资者避开白银优先配置黄金 集邦咨询：2月份电视面板价格预计将延续上涨态势 TrendForce集邦咨询公布了2月面板价格趋势预测：电视面板价格预计将延续上涨态势，显示器面板部 分尺寸价格上涨，笔电面板价格预期下跌。报告称，2月份，电视面板需求仍维持在相对较稳定水平， 加上面板厂明确表示将在农历春节期间进行5-7天不等的产能调控，2月份平均稼动率预期将较1月份调 整约10%，可望支撑供需维持在较为平衡的状态，也有助于电视面板价格的上扬。目前预估2月份电视 面板价格有机会呈现全面上涨趋势，32英寸、43英寸与50英寸预估上涨1美元，55英寸、65英寸与75英 寸则预计上涨2美元。（同花顺） 广电总局：2025年微短剧市场规模破千 ...

BEIJING, Feb 6 (Reuters) - Intel (INTC) and AMD (AMD) have notified Chinese customers of supply shortages for server central processing units (CPUs), with Intel warning of delivery lead times of up to six months, people with knowledge of the delays said. The supply ​constraints have driven up prices for Intel's server products in China by more than 10% generally, although pricing varies by ‌customer contract, according to one of the people. Booming investment in artificial intelligence infrastructure has ...

When Intel (INTC) says it plans to get back into building graphics processing units, or GPUs, it’s little wonder that investors perk up at the news. At a Cisco (CSCO) AI Summit this week, Intel CEO Lip-Bu Tan confirmed that Intel is putting together a new GPU initiative, led by its newly hired chief GPU architect Eric Demers, as well as its long-time executive in its data center group, Kevork Kechichian. The message was clear: Intel is trying to get back into the world of accelerated computing, a space dom ...

作者 | 第一财经 郑栩彤 电脑零部件涨价还在推高消费者购买成本。 一周前，记者走访深圳华强北了解到，1TB固态硬盘售价600元至900多元，近日再前往华强北询价，发现1TB固态硬盘售价涨到了950元~1100元。再拉长 时间线，多名商家反馈，近3个月内，内存价格涨了约3倍，固态硬盘价格也翻了倍。 一名商家列出办公电脑装机配置表，原本预计价格不超过2000元，经计算后惊呼，比原本估计的多了1000元。走访时，多名商家感叹，现在按照3000元的 预算装配电脑，即便不包括显示屏也很难装配。 不过，虽然近期有传言称厂商产能紧张、CPU涨价，但记者走访了解到，消费级CPU价格一两个月前已经涨过价，近日价格较稳定。 电脑装机涨价持续 以往看一台电脑的性能，人们常常会关注CPU和独立显卡，但现在存储类的内存条和固态硬盘，成为了电脑中的成本重头。一台不加配高端独立显卡和显 示屏的普通办公电脑，内存和固态硬盘的成本占比是多少？记者询价发现，这一比例在35%~50%之间。 按照3000元的预算，在华强北需要压缩CPU配置，为内存和固态硬盘让出空间。CPU可以用英特尔i3、i5或AMD同等规格的产品，如果用i5，最高只能配 20 ...

2026.02. 05 本文字数：2868，阅读时长大约4分钟 作者 | 第一财经 郑栩彤 电脑零部件涨价还在推高消费者购买成本。 一周前，记者走访深圳华强北了解到，1TB固态硬盘售价600元至900多元，近日再前往华强北询价，发现1TB固态硬盘售价涨到了950元~1100元。 再拉长时间线，多名商家反馈，近3个月内，内存价格涨了约3倍，固态硬盘价格也翻了倍。 一名商家列出办公电脑装机配置表，原本预计价格不超过2000元，经计算后惊呼，比原本估计的多了1000元。走访时，多名商家感叹，现在按照3000 元的预算装配电脑，即便不包括显示屏也很难装配。 不过，虽然近期有传言称厂商产能紧张、CPU涨价，但记者走访了解到，消费级CPU价格一两个月前已经涨过价，近日价格较稳定。 电脑装机涨价持续 以往看一台电脑的性能，人们常常会关注CPU和独立显卡，但现在存储类的内存条和固态硬盘，成为了电脑中的成本重头。一台不加配高端独立显卡和 显示屏的普通办公电脑，内存和固态硬盘的成本占比是多少？记者询价发现，这一比例在35%~50%之间。 按照3000元的预算，在华强北需要压缩CPU配置，为内存和固态硬盘让出空间。CPU可以用英特 ...